Full year gold production was 5.32 million ounces. Cost of sales applicable to gold3 was $794 per ounce, and all-in sustaining costs4 were $750 per ounce. Copper production was 413 million pounds, at a cost of sales3 of $1.77 per pound, and all-in sustaining costs6 of $2.34 per pound.

Total debt was reduced by $1.51 billion, or 19 percent, to $6.4 billion. We intend to reduce total debt to around $5 billion by the end of 2018.

Proven and probable gold reserves were 64.5 million ounces5 as of December 31, 2017, primarily reflecting the reclassification of Pascua-Lama reserves to resources. Through increased investment in mine exploration drilling, the Company more than replaced the reserves it depleted through production at existing operations in 2017.

Proven and probable copper reserves, including copper contained within gold reserves, were 11.2 billion pounds5 as of December 31, 2017, and include the addition of approximately 2.6 billion pounds at Lumwana as a result of successful cost reduction efforts.

Barrick reported a net loss of $314 million ($0.27 per share) in the fourth quarter, and adjusted net earnings1 of $253 million ($0.22 per share).

Gold production in the fourth quarter was 1.34 million ounces, at a cost of sales applicable to gold3 of $801 per ounce, and all-in sustaining costs4 of $756 per ounce. Copper production in the fourth quarter was 99 million pounds, at a cost of sales3 of $1.79 per pound, and all-in sustaining costs6 of $2.51 per pound.

Gold production guidance for 2018 is 4.5-5.0 million ounces, at a cost of sales applicable to gold3 of $810-$850 per ounce, and all-in sustaining costs4 of $765-$815 per ounce. Copper production guidance for 2018 is 385-450 million pounds, at a cost of sales3 of $1.80-$2.10 per pound, and all-in sustaining costs6 of $2.30-$2.60 per pound.

Based on our current asset mix, from 2019 to 2022 we expect average annual gold production to be between 4.2-4.6 million ounces, at an average cost of sales3 of $850-$980 per ounce, and average all-in sustaining costs4 of $750-$875 per ounce.

Investor Day will be webcast on February 22 at www.barrick.com. Please join us for additional insights on our operations, projects, and other priorities.

In 2017, Barrick generated operating cash flow of $2.07 billion, and free cash flow2 of $669 million. Cost of sales applicable to gold3 of $794 per ounce declined slightly compared to 2016, while all-in sustaining costs4 rose by approximately three percent to $750 per ounce, reflecting a planned increase in minesite sustaining capital expenditures. Gold cash costs4 fell by 3.7 percent, driven by a favorable sales mix, and the ongoing impact of initiatives to improve the productivity and efficiency of our operations. Lower free cash flow compared to 2016 was primarily the result of lower production and higher working capital, in part due to the temporary suspension of operations at our Veladero mine in Argentina, and the concentrate export ban impacting Acacia Mining plc’s operations in Tanzania. Higher capital expenditures in 2017 also reflected planned investments in our organic project pipeline, as we invest more in the future of our business.

In 2017, we reduced our total debt by $1.51 billion, or 19 percent, exceeding our target of $1.45 billion. We maintained our focus on capital discipline, with total capital expenditures of $1.36 billion, near the low end of our guidance range for the year. We are advancing a pipeline of high-confidence, organic projects with the potential to contribute more than one million ounces of annual production to Barrick, at costs well below our current portfolio average. At the same time, we returned more capital to shareholders, with a 50 percent increase in our quarterly dividend, to $0.03 per share. Finally, we forged a new strategic partnership with Shandong Gold at the Veladero mine, a landmark agreement with the potential to create significant long-term value for our owners, as well as our community and government partners in Argentina and beyond.

STRATEGIC FRAMEWORK

Over the past three years, we have optimized our portfolio by divesting high-cost, non-core operations. We used the proceeds of these divestments to reduce our total debt by more than 50 percent, from $13.1 billion at the end of 2014, to $6.4 billion today. Our portfolio is now focused on high-margin, long-life gold operations and projects clustered in core districts throughout the Americas, with a materially stronger balance sheet.

Our overriding objective remains unchanged. We are focused on growing free cash flow per share over the long term, which we will do primarily in three ways. First, we will drive industry-leading margins through operational excellence and consistent execution. Second, we will manage our portfolio and allocate capital with discipline and rigor. Third, we will leverage top talent and our distinctive partnership culture as competitive advantages.

Our priorities for 2018 are consistent. We will maintain our focus on maximizing free cash flow, and seek to build a business that can generate positive free cash flow at a gold price of $1,000 per ounce, on a sustainable basis. We will drive operational excellence through a continuous cycle of optimization, pushing our mines to achieve greater levels of efficiency and productivity, while working to mitigate increasing costs associated with more complex ore types and a shift to more underground mining. This will be aided by investments in digital technology and innovation, which will allow us to identify and accelerate further operational improvements across our portfolio. We will maintain a sharp focus on capital discipline while further strengthening the balance sheet. We will continue to optimize and advance our organic project pipeline. And finally, we will focus on attracting top talent to Barrick and developing our people to achieve their full potential in the Company’s decentralized operating model.

OUTLOOK

All investment decisions are driven by our primary objective of growing free cash flow over the long term, not ounces. Our production profile will adjust up or down according to what best advances this objective. All projects undergo rigorous scrutiny by our Investment Committee at every stage of evaluation and development. Each project is benchmarked against a 15 percent hurdle rate using a long-term gold price of $1,200 per ounce, and ranked accordingly.

In 2018, we expect to produce 4.5-5.0 million ounces of gold, at a cost of sales applicable to gold3 of $810-$850 per ounce, and all-in sustaining costs4 of $765-$815 per ounce. Higher cost guidance for 2018 primarily reflects lower anticipated gold production from Barrick Nevada, Pueblo Viejo and Veladero, increased processing of higher-cost inventory, and higher costs at Acacia. We expect first quarter production of around one million ounces at costs that will be proportionately higher than those anticipated for the remainder of the year, largely due to lower grades at Barrick Nevada, and the timing of planned maintenance at Pueblo Viejo.

Total attributable capital expenditures for 2018 are expected to be in the range of $1.40-$1.60 billion. This includes project capital expenditures of $450-$550 million, an increase of roughly $270 million compared to 2017, as we increase investments in the future of our business. Attributable mine site sustaining capital expenditures are expected to be in the range of $950 million-$1.1 billion, compared to $1.1 billion in 2017, reflecting our ongoing focus on capital efficiency and discipline.

In 2018, we expect corporate administration costs to be approximately $275 million, an increase of roughly $75 million compared to 2017. This reflects additional investments to optimize our enterprise-wide processes and systems, to accelerate the implementation of digital technologies across our business, and to drive step-change innovations, all of which are designed to reduce operating costs and increase productivity across the business over the long term.

Based on our current asset mix, from 2019 to 2022 we expect average annual gold production to be between 4.2-4.6 million ounces, at an average cost of sales3 of $850-$980 per ounce, and average all-in sustaining costs4 of $750-$875 per ounce, representing a stable base case for our business. This includes contributions from feasibility level projects at Goldrush, Cortez Deep South, Turquoise Ridge, and Lagunas Norte—but assumes no contribution from Pascua-Lama, Donlin Gold, Cerro Casale, or Alturas. Please join us for our Investor Day webcast on February 22 for additional insights on our production profile.

Our aspiration is to have the most efficient and productive gold mines in the industry, and as such, we have challenged ourselves to continually improve our cost profile. It is equally important that we reinvest in the future of our business now, to ensure that we generate sustainable value for our owners over the long term, at the lowest possible costs. In support of this, we are increasing our investments in organic projects and mine exploration drilling, which will strengthen the overall quality of our portfolio. We also are investing in digital systems and innovation, which we expect will drive down costs and improve productivity over the long term.

Please see Appendix 1 for detailed operating and capital expenditure guidance. The table found in Appendix 2 outlines the material assumptions used to develop the forward-looking statements in our outlook and guidance, and provides an economic sensitivity analysis of those assumptions. For certain related risk factors, please see the cautionary statement on forward-looking information at the end of this press release.

FINANCIAL HIGHLIGHTS

Full year net earnings were $1.44 billion ($1.23 per share), compared to net earnings of $655 million ($0.56 per share) in 2016. This significant improvement in net earnings was primarily due to $2.03 billion ($1.43 billion net of tax and non-controlling interest) in impairment reversals and gains on sale related to the divestment of 50 percent of the Veladero mine and 25 percent of the Cerro Casale project in 2017. This was partially offset by net impairment charges of $908 million ($511 million net of tax and non-controlling interest) mainly relating to Acacia’s Bulyanhulu mine, which has been placed on reduced operations, and the Pascua-Lama project, where proven and probable gold reserves have been reclassified as measured and indicated resources, coupled with an impairment reversal at the Lumwana mine.

In 2017, adjusted net earnings1 increased by seven percent to $876 million ($0.75 per share), compared to $818 million ($0.70 per share) in 2016. Adjusted net earnings benefited from higher gold and copper prices, combined with lower direct mining costs, reflecting higher capitalized waste stripping at Barrick Nevada and Veladero, a lower relative sales contribution from higher cost operations at Acacia, and lower inventory write-downs compared to 2016. These gains were partially offset by lower sales volumes, primarily due to the sale of 50 percent of Veladero, and the concentrate export ban impacting Acacia’s operations, combined with an increase in exploration and evaluation costs, investments in innovation, higher income tax expense, and higher depreciation expense.

Please refer to page 70 of our fourth quarter MD&A for a full list of reconciling items between net earnings and adjusted net earnings for the current and prior year.

Operating cash flow in 2017 was $2.07 billion, compared to $2.64 billion in 2016. This decrease reflects working capital outflows related to the buildup of inventory at Pueblo Viejo, Lagunas Norte, and Acacia, lower gold sales driven by the sale of 50 percent of the Veladero mine on June 30, 2017, and lower sales volumes at Pueblo Viejo, Hemlo, Turquoise Ridge, Lagunas Norte, and Acacia. Operating cash flow was also impacted by an increase in exploration, evaluation and project expenses, lower operating cash flows attributed to non-controlling interest, and higher cash taxes paid. These declines were partially offset by higher sales from Barrick Nevada, which benefited from operational efficiencies and improved throughput, higher gold and copper prices, and lower direct mining costs (as described above).

Free cash flow2 for 2017 was $669 million, compared to $1.51 billion in the prior year. The decrease primarily reflects lower operating cash flows combined with higher capital expenditures. In 2017, capital expenditures on a cash basis were $1.40 billion compared to $1.13 billion in 2016. Higher capital spending reflects a $161 million increase in minesite sustaining capital expenditures, primarily at Barrick Nevada and Veladero, partially offset by a decrease in sustaining capital at Acacia. Project capital expenditures also increased by $109 million, reflecting the development of Crossroads and the Cortez Hills Lower Zone at Barrick Nevada, and Goldrush project drilling, partially offset by a decrease in pre-production stripping at the South Arturo pit, which entered commercial production in August 2016.

RESTORING A STRONG BALANCE SHEET

Achieving and maintaining a strong balance sheet remains a top priority. In 2017, we reduced our total debt by $1.51 billion, or 19 percent, exceeding our original target of $1.45 billion.

Our goal remains to reduce our total debt from $6.4 billion at present, to around $5 billion by the end of 2018. We plan to achieve this primarily by using cash flow from operations and cash on hand, and potentially through further portfolio optimization. Barrick will continue to pursue debt reduction with discipline, taking only those actions that make sense for the business, on terms we consider favorable to our shareholders.

At the end of the fourth quarter, Barrick had a consolidated cash balance of approximately $2.2 billion.7 The Company has less than $100 million in debt due before 2020.8 More than three-quarters of our outstanding total debt of $6.4 billion does not mature until after 2032.

OPERATING HIGHLIGHTS

In 2017, our operations produced 5.32 million ounces of gold, at a cost of sales3 of $794 per ounce, and all-in sustaining costs4 of $750 per ounce, with a particularly strong performance from Barrick Nevada. This compares to production of 5.52 million ounces of gold in 2016, at a cost of sales3 of $798 per ounce, and all-in sustaining costs4 of $730 per ounce. Lower production in 2017 primarily reflects the sale of 50 percent of the Veladero mine on June 30, and lower production from Acacia as a result of Tanzania’s concentrate export ban.

Our most important operational priorities are to ensure the safety of people and the environment. We improved our safety performance in 2017, achieving a total reportable injury frequency rate (TRIFR)9 of 0.35—the best result in the Company’s history, and among the lowest in the industry. Regrettably, this was overshadowed by the tragic deaths of two team members in workplace accidents in 2017: Williams Garrido, a contractor at the Pascua-Lama project; and Eulogio Gutierrez, an employee at our Hemlo mine. We will not be satisfied with our performance until we can say that every person at Barrick has gone home safe and healthy every day, and this will remain our focus in 2018.

Consistent with our overall improvement trend in safety, we also achieved a 38 percent reduction in reportable environmental incidents at our operations last year, from 13 incidents in 2016, to eight incidents in 2017. Despite this success, a pipe rupture at the leach pad of our Veladero operation in March 2017 resulted in a three-and-a-half month suspension of processing operations at the mine. In response, Veladero implemented a series of measures to strengthen the mine’s operating systems, including major modifications to the heap leach facility, as well as initiatives to improve community engagement, training, and local hiring.

On a per ounce basis, cost of sales applicable to gold3 declined slightly compared to 2016. All-in sustaining costs4 increased by three percent, primarily reflecting an increase in minesite sustaining capital expenditures. At the same time, we reduced our cash costs4 by 3.7 percent, from $546 per ounce in 2016, to $526 per ounce in 2017, reflecting a favorable sales mix, as well as our ongoing focus on driving Best-in-Class productivity and efficiency improvements across our portfolio.

Gold production in the fourth quarter was 1.34 million ounces, at a cost of sales applicable to gold3 of $801 per ounce, and all-in sustaining costs4 of $756 per ounce, compared to 1.52 million ounces, at a cost of sales3 of $784 per ounce, and all-in sustaining costs4 of $732 per ounce in the prior-year period.

In 2017, our copper portfolio produced 413 million pounds, at a cost of sales3 of $1.77 per pound, and all-in sustaining costs6 of $2.34 per pound. Production was slightly below the Company’s adjusted guidance of 420-440 million pounds for 2017, but in line with our original full year guidance of 400-450 million pounds. This compares to production of 415 million pounds, at a cost of sales3 of $1.41 per pound, and all-in sustaining costs6 of $2.05 per pound in 2016.

Copper production in the fourth quarter was 99 million pounds, at a cost of sales3 of $1.79 per pound, and all-in sustaining costs6 of $2.51 per pound, compared to 101 million pounds, at a cost of sales3 of $1.43 per pound, and all-in sustaining costs6 of $2.04 per pound in the prior-year period.

Cost of sales applicable to copper3 increased by 25 percent in 2017 as a result of higher power, fuel, consumables and contractor costs, combined with higher depreciation expense at Lumwana. Copper all-in sustaining costs6, which have been adjusted to include our proportionate share of equity method investments, were 14 percent higher than the prior year, primarily as a result of higher cost of sales and higher minesite sustaining capital expenditures at Lumwana and Jabal Sayid.

Turquoise Ridge Toll Milling AgreementIn January 2018, Barrick and Newmont Mining Corporation (“Newmont”) reached a new, seven-year toll milling agreement for the processing of Turquoise Ridge ore at Newmont’s Twin Creeks facility. The agreement supports plans to expand production and unlock the full potential of Turquoise Ridge by increasing processing capacity. It provides for throughput of 850,000 tons per year in 2018 and 2019, rising to 1.2 million tons per year between 2020 and 2024. Processing costs are in line with market rates, and are reflected in our guidance for Turquoise Ridge.

Please join our upcoming Investor Day webcast for a detailed update on all major operations. Visit www.barrick.com for webcast information, press release, and presentations on February 22.

Digital BarrickDuring 2017, we laid the foundation for our digital transformation through a series of pilot projects primarily focused at our Cortez mine in Nevada. This allowed us to validate the viability of our digital solutions and their potential economic returns in a controlled environment with rigorous oversight.

In 2018, our digital strategy will focus on completing version one of the Barrick Data Fabric, an enterprise-grade, big data analytics platform. This will provide a unified data environment for the Company that will allow our leaders and operators to identify variability and trends, generate trusted, real-time data, predict failures, and take action to address problems quickly, or before they arise. We also will accelerate the implementation of digital projects across our other operations, with an initial focus in Nevada, including:

Expanded use of automated processing systems, combined with introduction of artificial intelligence;

Implementation of short interval control in open pit, underground, and processing areas;

Expanded implementation of digital work management and predictive maintenance systems; and

Expanded use of automation, including an autonomous open pit trial, and the implementation of automated underground drills.

We are taking a disciplined approach to our digital strategy and will continue to apply a high degree of rigor to these projects, just as we would for any other investment, to ensure that our investments in digital deliver the benefits we anticipate.

Gold

Fourth Quarter2017

Full Year 2017

2018 Guidance

Production10 (000s of ounces)

1,339

5,323

4,500 - 5,000

Cost of sales applicable to gold3 ($ per ounce)

801

794

810 - 850

All-in sustaining costs4 ($ per ounce)

756

750

765 - 815

Copper

Production10 (millions of pounds)

99

413

385 - 450

Cost of sales applicable to copper3 ($ per pound)

1.79

1.77

1.80 - 2.10

All-in sustaining costs6 ($ per pound)

2.51

2.34

2.30 - 2.60

Total Attributable Capital Expenditures11 ($ millions)

365

1,364

1,400 - 1,600

MINERAL RESOURCE MANAGEMENT

Barrick manages a high-quality inventory of gold reserves and resources, the majority of which are situated in regions where we have proven operating experience, a critical mass of infrastructure, technical and exploration expertise, and established partnerships with suppliers, host governments, and communities.

Our 2017 reserves were calculated using a gold price assumption of $1,200 per ounce, consistent with the long-price assumption we used in 2016. As of December 31, 2017, Barrick’s proven and probable gold reserves were 64.5 million ounces5, compared to 86.0 million ounces at the end of 2016. This decline primarily reflects the divestment of approximately 9.2 million ounces associated with Veladero and Cerro Casale, and the reclassification of approximately 14.0 million ounces of Pascua-Lama proven and probable gold reserves as measured and indicated resources.

Barrick added 8.0 million ounces of proven and probable gold reserves at existing operations (as well as the Goldrush project) through drilling, more than replacing the 6.2 million ounces depleted through processing last year. This success reflects increased investment in mine exploration drilling in 2017. Significant additions included 2.1 million ounces at Turquoise Ridge, 1.4 million ounces at Cortez, 1.3 million ounces at Goldstrike, 397,000 ounces at Hemlo, and 392,000 ounces at Lagunas Norte. We also declared an initial reserve of 1.5 million ounces at the Goldrush project. In addition, Barrick’s 63.9 percent share of reserves at Acacia’s North Mara mine increased by 504,000 ounces. The average grade of Barrick’s reserves also increased by 17 percent, from 1.33 grams per tonne, to 1.55 grams per tonne.

In 2017, measured, indicated, and inferred gold resources were calculated using a gold price assumption of $1,500 per ounce, consistent with 2016. Measured and indicated gold resources increased to 88.6 million ounces5 at the end of 2017, compared to 75.2 million ounces at the end of 2016. Roughly 9.1 million ounces of measured and indicated gold resources were added as a result of the formation of the Norte Abierto joint venture (which includes the Cerro Casale and Caspiche deposits), net of resources divested at Cerro Casale and Veladero. Roughly 14.0 million ounces of measured and indicated resources were added as a result of the reclassification of Pascua-Lama reserves to resources, and 5.8 million ounces were added through drilling, including 1.5 million ounces at Goldstrike, 1.2 million ounces at Cortez, and 535,000 ounces at Hemlo.

Inferred gold resources increased slightly to 30.8 million ounces5 at the end of 2017, compared to 30.7 million ounces at the end of 2016.

Proven and probable copper reserves were calculated using a copper price of $2.75 per pound, consistent with the long-price assumption we used in 2016. Copper reserves, including copper within gold reserves, increased to 11.2 billion pounds5 at the end of 2017, compared to 11.1 billion pounds at the end of 2016. The Lumwana mine added approximately 2.6 billion pounds to its reserves as a result of successful cost reduction efforts. Approximately 1.4 billion pounds of copper reserves were divested with the sale of 25 percent of Cerro Casale, 554 million pounds were processed, and 505 million pounds of copper contained within gold reserves were reclassified as copper contained within gold resources.

In 2017, measured, indicated, and inferred copper resources were calculated using a copper price assumption of $3.50 per pound, consistent with 2016. Measured and indicated copper resources, including copper within measured and indicated gold resources, increased to 11.7 billion pounds5, compared to 9.7 billion pounds at the end of 2016. Approximately 2.6 billion pounds of measured and indicated copper resources were upgraded to copper reserves, 2.6 billion pounds were added through the inclusion of the Caspiche deposit, and 1.6 billion pounds were added through drilling. Inferred copper resources were 3.0 billion pounds5, compared to 3.1 billion pounds at the end of 2016.

EXPLORATION UPDATE

Barrick has a demonstrated track record of creating value through exploration. Since 1990, we have found 129 million ounces of gold at an overall discovery cost of $29 per ounce, or roughly half the average finding cost across the industry.

Approximately 80 percent of our total exploration budget of $185-$225 million is allocated to the Americas. Our exploration programs balance high-quality brownfield projects, greenfield exploration, and emerging discoveries that have the potential to become profitable mines.

We successfully added 8.0 million ounces of gold reserves in 2017 through mine exploration drilling, demonstrating that even well-established operations continue to yield exploration success. In many cases, these ounces can be quickly incorporated into mine plans, driving improvements in production, cash flow, and earnings.

For example, we drilled more than 18,000 meters at Goldstrike in 2017, adding 1.3 million ounces of proven and probable gold reserves, and 1.5 million ounces of measured and indicated resources. This drilling identified a host of high grade extensions to known lodes that will be a focus for further drilling in 2018. We also increased proven and probable gold reserves at Turquoise Ridge by 2.1 million ounces. Drilling down plunge of the mine’s Foot Wall Pond Trend showed strong indications that the mineralized system continues along this corridor.

Our 2018 greenfield exploration program will focus on the prolific Cortez district in Nevada, and the Frontera District on the El Indio Belt in Argentina and Chile. We have also cultivated active partnerships with a number of junior exploration and development companies as we seek to identify potential new core mineral districts for the Company. These partnerships are with ATAC at the Orion project in the Yukon, with Osisko at the Kan property in northern Québec, and with Premier Gold at Cove McCoy in Nevada.

PROJECTS UPDATE

Please join our upcoming Investor Day webcast for the latest updates on all major projects. Visit www.barrick.com for webcast information, press release, and presentations on February 22.

We continue to advance a pipeline of high-confidence projects at or near our existing operations, with the potential to contribute more than one million ounces of annual production to Barrick, at costs well below our current portfolio average.

Goldrush has the potential to become Barrick’s newest underground mine in Nevada, with first production expected as early as 2021, and sustained production by 2023. The prefeasibility study estimated average production of approximately 450,000 ounces of gold per year, at an average cost of sales3 of $800 per ounce, and average all-in sustaining costs4 of $665 per ounce.

Through the development of a third shaft, the Turquoise Ridge Joint Venture in Nevada has the potential to increase production to an average of 500,000 ounces per year (100 percent basis) at a cost of sales3 of $750-$800 per ounce, and all-in sustaining costs4 of about $625-$675 per ounce.

The Deep South project at Cortez will expand mining below currently permitted levels, and is expected to contribute average production of more than 300,000 ounces of gold per year from the underground mine, with initial production as early as 2023. The prefeasibility study estimated average cost of sales3 of $840 per ounce, and average all-in sustaining costs4 of $580 per ounce.12

At the Lagunas Norte operation in Peru, we are evaluating a phased project to extend the life of the mine by approximately 10 years. The first component involves installing grinding and carbon-in-leach processing. The second involves installation of a flotation and pressure oxidation circuit, allowing us to optimize the timing of capital expenditures.13

We also maintain a portfolio of greenfield projects that represent significant long-term value and optionality for our shareholders.

Donlin Gold, located in Alaska, contains 19.5 million ounces5 of measured and indicated gold resources (Barrick’s 50 percent share). We continue to work in collaboration with our partners at NOVAGOLD to optimize the project, including the potential for a staged development and selective mining.

Pascua-Lama, located on the border between Argentina and Chile, contains 21.3 million ounces5 of measured and indicated gold resources. We are now evaluating an underground, block-caving operation at Pascua-Lama that would utilize processing infrastructure in Argentina, while reducing the project’s environmental impacts.

The Alturas project, located in Chile on the El Indio Belt, is a Barrick greenfield discovery with 6.8 million ounces5 of inferred gold resources as of December 31, 2017. Following completion of a scoping study for a conventional open pit heap leach operation at Alturas, we are now carrying out further studies to evaluate potential enhancements to the project design, while undertaking additional drilling to improve orebody knowledge and grades.

ACACIA MINING PLC

In October 2017, the Government of Tanzania and Barrick announced a proposed framework agreement that would split economic benefits generated by Acacia’s operations with the Government of Tanzania on a 50/50 basis. The Government’s portion would be delivered primarily in the form of royalties, taxes, and a 16 percent free carried interest in Acacia’s Tanzanian operations, in line with the country’s new mining law. Discussions concerning the implementation of the proposed framework, resolution of outstanding tax matters relating to Acacia, and the lifting of the country’s export ban on concentrates, remain ongoing. Barrick has continued to engage with independent directors of Acacia throughout this process, and members of Acacia management are supporting ongoing discussions. We continue to target the first half of 2018 for the completion of a detailed proposal for review by Acacia.

TECHNICAL INFORMATION

The scientific and technical information contained in this press release has been reviewed and approved by Steven Haggarty, P. Eng., Senior Director, Metallurgy of Barrick, Patrick Garretson, Registered Member SME, Senior Director, Life of Mine Planning of Barrick, Rick Sims, Registered Member SME, Vice President, Reserves and Resources of Barrick, and Robert Krcmarov, FAusIMM, Executive Vice President, Exploration and Growth of Barrick, each a “Qualified Person” as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

CONFERENCE CALL AND WEBCAST

Please join us for a conference call and webcast to discuss the results tomorrow, February 15, at 8:00 am ET.

The conference call will be available for replay by phone at 1-855-669-9658 (U.S. and Canada toll free), and +1 604 674-8052 (international), access code 1928.

Appendix 12018 Detailed Operating and Capital Expenditure Guidance

2018 GOLD PRODUCTION AND COSTS

Production(000s ounces)

Cost of sales3($ per ounce)

All-insustaining costs4($ per ounce)

Cash costs4($ per ounce)

Barrick Nevada

2,000 - 2,255

760 - 810

610 - 660

470 - 530

Pueblo Viejo (60%)

585 - 615

720 - 750

590 - 620

425 - 450

Lagunas Norte

230 - 270

780 - 910

670 - 780

420 - 490

Veladero (50%)

275 - 330

970 - 1,110

960 - 1,100

560 - 620

Turquoise Ridge (75%)

240 - 270

670 - 720

650 - 730

580 - 620

Porgera (47.5%)

230 - 255

950 - 1,000

950 - 1,000

780 - 830

Kalgoorlie (50%)

390 - 440

720 - 820

695 - 745

580 - 630

Acacia (63.9%)

275 - 305

970 - 1,020

935 - 985

690 - 720

Hemlo

200 - 220

860 - 920

975 - 1,075

740 - 790

Golden Sunlight

35 - 50

1,100 - 1,200

1,290 - 1,460

1,130 - 1,230

Total Gold14,15

4,500 - 5,000

810 - 850

765 - 815

540 - 575

2018 COPPER PRODUCTION AND COSTS

Production(millions of pounds)

Cost of sales3($ per pound)

All-insustaining costs6($ per pound)

C1 cash costs6($ per pound)

Zaldívar (50%)

115 - 130

2.30 - 2.50

2.05 - 2.25

~1.70

Lumwana

230 - 265

1.65 - 1.90

2.50 - 2.80

1.65 - 1.90

Jabal Sayid (50%)

40 - 55

1.85 - 2.50

1.70 - 2.30

1.40 - 1.80

Total Copper

385 - 450

1.80 - 2.10

2.30 - 2.60

1.55 - 1.75

2018 CAPITAL EXPENDITURES

($ millions)

Mine site sustaining

950 - 1,100

Project

450 - 550

Total attributable capital expenditures11

1,400 - 1,600

2019 - 2022 GOLD PRODUCTION, COSTS, AND CAPITAL EXPENDITURES

Production14,15(000s ounces)

Cost of sales3($ per ounce)

All-insustaining costs4($ per ounce)

Total attributablecapital expenditures11($ millions)

Annual average 2019 - 2022

4,200 - 4,600

850 - 980

750 - 875

1,100 - 1,500

Appendix 2Outlook Assumptions and Economic Sensitivity Analysis

2018

2018 guidanceassumption

Hypotheticalchange

Impact onrevenue(millions)

Impact oncost of sales3(millions)

Impact onall-in sustainingcosts4,6

Gold revenue, net of royalties16

$1,200/oz

+/- $100/oz

+/- $468

+/- $14

+/- $3/oz

Copper revenue, net of royalties17

$2.75/lb

+ $0.50/lb

+ $205

+ $13

+ $0.03/lb

Copper revenue, net of royalties17

$2.75/lb

- $0.50/lb

- $180

- $12

- $0.03/lb

Gold all-in sustaining costs4

WTI crude oil price16

$55/bbl

+/- $10/bbl

n/a

+/- $26

+/- $5/oz

Australian dollar exchange rate

0.75 : 1

+/- 10%

n/a

+/- $31

+/- $7/oz

Argentine peso exchange rate

18.35 : 1

+/- 10%

n/a

+/- $7

+/- $2/oz

Canadian dollar exchange rate

1.25 : 1

+/- 10%

n/a

+/- $35

+/- $7/oz

Copper all-in sustaining costs6

WTI crude oil price16

$55/bbl

+/- $10/bbl

n/a

+/- $5

+/- $0.06/lb

Chilean peso exchange rate

650 : 1

+/- 10%

n/a

+/- $10

+/- $0.02/lb

2019 - 2022

Average annual2019-2022guidanceassumption

Hypotheticalchange

Average annualimpact onrevenue(millions)

Average annualimpact oncost of sales3(millions)

Average annualimpact onall-in sustainingcosts4,6

Gold revenue, net of royalties16

$1,200/oz

+/- $100/oz

+/- $440

+/- $16

+/- $4/oz

Gold all-in sustaining costs4

WTI crude oil price16

$70/bbl

+/- $10/bbl

n/a

+/- $21

+/- $5/oz

Australian dollar exchange rate

0.75 : 1

+/- 10%

n/a

+/- $25

+/- $6/oz

Argentine peso exchange rate

20.24 : 1

+/- 10%

n/a

+/- $8

+/- $2/oz

Canadian dollar exchange rate

1.25 : 1

+/- 10%

n/a

+/- $34

+/- $8/oz

Endnotes

ENDNOTE 1“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; gains (losses) and other one-time costs relating to acquisitions or dispositions; foreign currency translation gains (losses); significant tax adjustments not related to current period earnings; unrealized gains (losses) on non-hedge derivative instruments; and the tax effect and non-controlling interest of these items. The Company uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Barrick believes that adjusted net earnings is a useful measure of our performance because these adjusting items do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Net impairment reversals for the current year primarily relate to impairment reversals at the Cerro Casale project upon reclassification of the project’s net assets as held-for-sale as at March 31, 2017 and impairment reversals at Lumwana during the fourth quarter of 2017, partially offset by net impairments at Acacia’s Bulyanhulu mine and the Pascua-Lama project during the fourth quarter of 2017.

Disposition gains for the current year primarily relate to the sale of a 50% interest in the Veladero mine and the gain related to the sale of a 25% interest in the Cerro Casale project.

Significant tax adjustments for the current year primarily relate to dividend withholding tax expense and a tax provision relating to the impact of the proposed framework for Acacia operations in Tanzania, partially offset by the anticipated impact of the U.S tax reform.

Other expense adjustments for the current year primarily relate to losses on debt extinguishment and reduced operations program costs at Acacia’s Bulyanhulu mine.

Tax effect and non-controlling interest for the current year primarily relates to the impairment reversals at the Cerro Casale project, tax provision at Acacia and Pueblo Viejo depreciation adjustment discussed above.

Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

ENDNOTE 2“Free cash flow” is a non-GAAP financial performance measure which excludes capital expenditures from net cash provided by operating activities. Barrick believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. Free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on this non-GAAP measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

ENDNOTE 3Cost of sales related to gold per ounce is calculated using cost of sales related to gold on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces. Cost of sales related to copper per pound is calculated using cost of sales related to copper including our proportionate share of cost of sales attributable to equity method investments (Zaldívar and Jabal Sayid), divided by consolidated copper pounds (including our proportionate share of copper pounds from our equity method investments).

ENDNOTE 4“Cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures. “Cash costs” per ounce starts with cost of sales applicable to gold production, but excludes the impact of depreciation, the non-controlling interest of cost of sales, and includes by-product credits. “All-in sustaining costs” per ounce begin with “Cash costs” per ounce and add further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs, minesite exploration and evaluation costs, and reclamation cost accretion and amortization. Barrick believes that the use of “cash costs” per ounce and “all-in sustaining costs” per ounce will assist investors, analysts and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. “Cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 23 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Gold Cost of Sales to Cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis

($ millions, except per ounce information in dollars)

For the years ended December 31

For the three months ended December 31

Footnote

2017

2016

2015

2017

2016

Cost of sales related to gold production

$

4,836

$

4,980

$

5,906

$

1,292

$

1,347

Depreciation

(1,529

)

(1,504

)

(1,615

)

(404

)

(396

)

By-product credits

1

(135

)

(184

)

(214

)

(30

)

(41

)

Realized (gains)/losses on hedge and non-hedge derivatives

2

23

89

128

4

18

Non-recurring items

3

—

24

(210

)

—

—

Other

4

(106

)

(44

)

25

(35

)

(20

)

Non-controlling interests (Pueblo Viejo and Acacia)

5

(299

)

(358

)

(394

)

(81

)

(91

)

Cash costs

$

2,790

$

3,003

$

3,626

$

746

$

817

General & administrative costs

248

256

233

62

39

Minesite exploration and evaluation costs

6

47

44

47

8

18

Minesite sustaining capital expenditures

7

1,109

944

1,359

279

298

Rehabilitation - accretion and amortization (operating sites)

8

64

59

145

13

18

Non-controlling interest, copper operations and other

9

(273

)

(287

)

(362

)

(74

)

(78

)

All-in sustaining costs

$

3,985

$

4,019

$

5,048

$

1,034

$

1,112

Project exploration and evaluation and project costs

6

307

193

308

90

64

Community relations costs not related to current operations

4

8

12

1

2

Project capital expenditures

7

273

175

133

81

51

Rehabilitation - accretion and amortization (non-operating sites)

8

20

11

12

4

4

Non-controlling interest and copper operations

9

(21

)

(42

)

(43

)

(9

)

(4

)

All-in costs

$

4,568

$

4,364

$

5,470

$

1,201

$

1,229

Ounces sold - equity basis (000s ounces)

10

5,302

5,503

6,083

1,372

1,519

Cost of sales per ounce

11,12

$

794

$

798

$

859

$

801

$

784

Cash costs per ounce

12

$

526

$

546

$

596

$

545

$

540

Cash costs per ounce (on a co-product basis)

12,13

$

544

$

569

$

619

$

561

$

557

All-in sustaining costs per ounce

12

$

750

$

730

$

831

$

756

$

732

All-in sustaining costs per ounce (on a co-product basis)

12,13

$

768

$

753

$

854

$

772

$

749

All-in costs per ounce

12

$

860

$

792

$

900

$

882

$

809

All-in costs per ounce (on a co-product basis)

12,13

$

878

$

815

$

923

$

898

$

826

By-product creditsRevenues include the sale of by-products for our gold and copper mines for the three months ended December 31, 2017 of $30 million (2016: $41 million) and the year ended December 31, 2017 of $135 million (2016: $151 million; 2015: $140 million) and energy sales from the Monte Rio power plant at our Pueblo Viejo mine for the three months ended December 31, 2017 of $nil (2016: $nil) and the year ended December 31, 2017 of $nil (2016: $33 million; 2015: $74 million) up until its disposition on August 18, 2016.

Realized (gains)/losses on hedge and non-hedge derivativesIncludes realized hedge losses of $5 million and $27 million for the three months and year ended December 31, 2017, respectively (2016: $14 million and $73 million, respectively; 2015: $106 million), and realized non-hedge gains of $1 million and $4 million for the three months and year ended December 31, 2017, respectively (2016: $4 million and $16 million losses, respectively; 2015: $22 million losses). Refer to Note 5 of the Financial Statements for further information.

Non-recurring itemsThese gains/costs are not indicative of our cost of production and have been excluded from the calculation of cash costs.

OtherOther adjustments include adding the net margins related to power sales at Pueblo Viejo of $nil and $nil, respectively, for the three months and year ended December 31, 2017 (2016: $nil and $5 million, respectively; 2015: $12 million) and adding the cost of treatment and refining charges of $nil and $1 million, respectively, for the three months and year ended December 31, 2017 (2016: $4 million and $16 million, respectively; 2015: $14 million). 2016 and 2017 includes the removal of cash costs associated with our Pierina mine, which is mining incidental ounces as it enters closure, of $35 million and $108 million for the three months and year ended December 31, 2017, respectively (2016: $24 million and $66 million, respectively).

Non-controlling interests (Pueblo Viejo and Acacia)Non-controlling interests include non-controlling interests related to gold production of $137 million and $454 million, respectively, for the three months and year ended December 31, 2017 (2016: $127 million and $508 million, respectively; 2015: $681 million). Refer to Note 5 of the Financial Statements for further information.

Exploration and evaluation costsExploration, evaluation and project expenses are presented as minesite if it supports current mine operations and project if it relates to future projects. Refer to page 44 of our fourth quarter MD&A.

Capital expendituresCapital expenditures are related to our gold sites only and are presented on a 100% accrued basis. They are split between minesite sustaining and project capital expenditures. Project capital expenditures are distinct projects designed to increase the net present value of the mine and are not related to current production. Significant projects in the current year are Crossroads, Cortez Hills Lower Zone, Range Front Declines and Goldrush. Refer to page 43 of our fourth quarter MD&A.

Rehabilitation - accretion and amortizationIncludes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provisions of our gold operations, split between operating and non-operating sites.

Non-controlling interest and copper operationsRemoves general & administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project costs, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of our Acacia and Pueblo Viejo operating segment and South Arturo. In 2016 and 2017, figures remove the impact of Pierina, which is mining incidental ounces as it enters closure. The impact is summarized as the following:

($ millions)

For the years ended December 31

For the three monthsended December 31

Non-controlling interest, copper operations and other

2017

2016

2015

2017

2016

General & administrative costs

$

(21

)

$

(36

)

$

(53

)

$

(8

)

$

(5

)

Minesite exploration and evaluation costs

(12

)

(9

)

(8

)

1

(3

)

Rehabilitation - accretion and amortization (operating sites)

(10

)

(9

)

(13

)

(2

)

(4

)

Minesite sustaining capital expenditures

(230

)

(233

)

(288

)

(65

)

(66

)

All-in sustaining costs total

$

(273

)

$

(287

)

$

(362

)

$

(74

)

$

(78

)

Project exploration and evaluation and project costs

(17

)

(12

)

(11

)

(8

)

(4

)

Project capital expenditures

(4

)

(30

)

(32

)

(1

)

—

All-in costs total

$

(21

)

$

(42

)

$

(43

)

$

(9

)

$

(4

)

Ounces sold - equity basisIn 2016 and 2017, figures remove the impact of Pierina, which is mining incidental ounces as it enters closure.

Cost of sales per ounceIn 2016 and 2017, figures remove the cost of sales impact of Pierina of $55 million and $174 million, respectively, for the three months and year ended December 31, 2017 (2016: $30 million and $82 million, respectively), which is mining incidental ounces as it enters closure. Cost of sales per ounce excludes non-controlling interest related to gold production. Cost of sales related to gold per ounce is calculated using cost of sales on an attributable basis (removing the non-controlling interest of 40% Pueblo Viejo and 36.1% Acacia from cost of sales), divided by attributable gold ounces.

Per ounce figuresCost of sales per ounce, cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding.

Co-product costs per ounceCash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis remove the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

ENDNOTE 6“C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures. “C1 cash costs” per pound is based on cost of sales but excludes the impact of depreciation and royalties and includes treatment and refinement charges. “All-in sustaining costs” per pound begins with “C1 cash costs” per pound and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and royalties. Barrick believes that the use of “C1 cash costs” per pound and “all-in sustaining costs” per pound will assist investors, analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. “C1 cash costs” per pound and “All-in sustaining costs” per pound are intended to provide additional information only, do not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis

($ millions, except per pound information in dollars)

For the years ended December 31

For the three months ended December 31

2017

2016

2015

2017

2016

Cost of sales

$

399

$

319

$

814

$

107

$

84

Depreciation/amortization

(83

)

(45

)

(104

)

(24

)

(15

)

Treatment and refinement charges

157

167

178

41

43

Cash cost of sales applicable to equity method investments

245

203

23

75

53

Less: royalties

(38

)

(41

)

(101

)

(11

)

(9

)

By-product credits

(5

)

—

(1

)

(1

)

—

Other

—

—

72

—

—

C1 cash cost of sales

$

675

$

603

$

881

$

187

$

156

General & administrative costs

12

14

21

3

3

Rehabilitation - accretion and amortization

12

7

6

3

2

Royalties

38

41

101

11

9

Minesite exploration and evaluation costs

6

—

—

1

—

Minesite sustaining capital expenditures

204

169

177

67

48

All-in sustaining costs

$

947

$

834

$

1,186

$

272

$

218

Pounds sold - consolidated basis (millions pounds)

405

405

510

107

107

Cost of sales per pound1,2

$

1.77

$

1.41

$

1.65

$

1.79

$

1.43

C1 cash cost per pound1

$

1.66

$

1.49

$

1.73

$

1.72

$

1.47

All-in sustaining costs per pound1

$

2.34

$

2.05

$

2.33

$

2.51

$

2.04

Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding.

ENDNOTE 9Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 200,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries.

ENDNOTE 10Barrick’s share.

ENDNOTE 11Attributable capital expenditures are presented on the same basis as guidance, which includes our 60% share of Pueblo Viejo and South Arturo, our 63.9% share of Acacia and our 50% share of Zaldívar and Jabal Sayid.

ENDNOTE 12For additional detail regarding Cortez, see the Technical Report on the Cortez Joint Venture Operations, Lander and Eureka Counties, State of Nevada, U.S.A., dated March 21, 2016, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 28, 2016.

ENDNOTE 13For additional detail regarding Lagunas Norte, see the Technical Report on the Lagunas Norte Mine, La Libertad Region, Peru dated March 21, 2016 and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 28, 2016.

ENDNOTE 15Operating unit guidance ranges reflect expectations at each individual operating unit, and may not add up to the company-wide guidance range total. The company-wide 2017 results and guidance ranges exclude Pierina which is mining incidental ounces as it enters closure.

ENDNOTE 16Due to our hedging activities, which are reflected in these sensitivities, we are partially protected against changes in these factors.

ENDNOTE 17Utilizing option collar strategies, the Company has protected the downside of a portion of its expected 2018 copper production at an average floor price of $2.83 per pound and can participate on the same amount up to an average price of $3.25 per pound. Our remaining copper production is subject to market prices.

Key Statistics

Barrick Gold Corporation

(in United States dollars)

Three months ended December 31,

Twelve months ended December 31,

2017

2016

2017

2016

Financial Results (millions)

Revenues

$

2,228

$

2,319

$

8,374

$

8,558

Cost of sales

1,411

1,454

5,300

5,405

Net earnings1

(314

)

425

1,438

655

Adjusted net earnings2

253

255

876

818

Adjusted EBITDA2

1,054

1,045

4,017

4,021

Total capital expenditures - sustaining3

279

299

1,109

944

Total project capital expenditures3

81

51

273

175

Net cash provided by operating activities

590

711

2,065

2,640

Free cash flow2

240

385

669

1,514

Per share data (dollars)

Net earnings (loss) (basic and diluted)

(0.27

)

0.36

1.23

0.56

Adjusted net earnings (basic)2

$

0.22

$

0.22

$

0.75

$

0.70

Weighted average basic common shares (millions)

1,166

1,165

1,166

1,165

Weighted average diluted common shares (millions)

1,166

1,166

1,166

1,165

Operating Results

Gold production (thousands of ounces)4

1,339

1,516

5,323

5,517

Gold sold (thousands of ounces)4

1,372

1,519

5,302

5,503

Per ounce data

Average spot gold price

$

1,275

$

1,222

$

1,257

$

1,251

Average realized gold price2,4

1,280

1,217

1,258

1,248

Cost of sales (Barrick’s share)4,5

801

784

794

798

All-in sustaining costs2,4

$

756

$

732

$

750

$

730

Copper production (millions of pounds)6

99

101

413

415

Copper sold (millions of pounds)6

107

107

405

405

Per pound data

Average spot copper price

$

3.09

$

2.39

$

2.80

$

2.21

Average realized copper price2,6

3.34

2.62

2.95

2.29

Cost of sales (Barrick’s share)6,7

1.79

1.43

1.77

1.41

C1 cash costs2,6

1.72

1.47

1.66

1.49

All-in sustaining costs2,6

$

2.51

$

2.04

$

2.34

$

2.05

As at December 31,

As at December 31,

2017

2016

Financial Position (millions)

Cash and equivalents

$

2,234

$

2,389

Working capital (excluding cash)

$

1,184

$

1,155

Net earnings represents net earnings attributable to the equity holders of the Company.

Adjusted net earnings, adjusted EBITDA, free cash flow, adjusted net earnings per share, realized gold price, all-in sustaining costs and realized copper price are non-GAAP financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-GAAP measure to the most directly comparable IFRS measure, please see pages 69 to 84 of our fourth quarter MD&A.

Amounts presented on a consolidated accrued basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs.

Includes Acacia on a 63.9% basis, Pueblo Viejo on a 60% basis, South Arturo on a 60% basis, and Veladero on a 100% basis up to June 30, 2017 and a 50% basis thereafter, which reflects our equity share of production and sales. 2016 includes production and sales from Bald Mountain and Round Mountain up to January 11, 2016, the effective date of sale of the assets.

Cost of sales per ounce (Barrick’s share) is calculated as cost of sales - gold on an attributable basis, excluding Pierina, divided by gold ounces sold.

Amounts reflect production and sales from Jabal Sayid and Zaldívar, both on a 50% basis, which reflects our equity share of production, and Lumwana.

Reflects production and sales from Goldstrike, Cortez, and South Arturo on a 60% basis, which reflects our equity share.

Reflects production and sales from Pueblo Viejo on a 60% basis, which reflects our equity share.

Reflects production and sales from Veladero on a 100% basis up to June 30, 2017 and a 50% basis thereafter, which reflects our equity share during such periods.

Reflects production and sales from Acacia on a 63.9% basis, which reflects our equity share.

In 2017, Other Mines - Gold includes Golden Sunlight, Hemlo, Porgera on a 47.5% basis and Kalgoorlie on a 50% basis. In 2016, Other Mines - Gold includes Golden Sunlight, Hemlo, Porgera on a 47.5% basis, Kalgoorlie on a 50% basis and production from Bald Mountain and Round Mountain up to January 11, 2016, the effective date of sale of the assets.

Reflects production and sales from Lumwana, Jabal Sayid on a 50% basis and Zaldívar on a 50% basis, which reflects our equity share.

All-in sustaining costs is a non-GAAP financial performance measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of this non-GAAP measure to the most directly comparable IFRS measure, please see pages 69 to 84 of our fourth quarter MD&A.

Consolidated Statements of Income

Barrick Gold Corporation For the years ended December 31 (in millions of United States dollars, except per share data)

The notes to these unaudited consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Comprehensive Income

Barrick Gold Corporation

For the years ended December 31 (in millions of United States dollars)

The notes to these unaudited consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Cash Flow

Barrick Gold Corporation

For the years ended December 31 (in millions of United States dollars)

2017

2016

OPERATING ACTIVITIES

Net income

$

1,516

$

861

Adjustments for the following items:

Depreciation

1,647

1,574

Finance costs (note 14)

705

788

Impairment reversals (note 10)

(212

)

(250

)

Income tax expense (note 12)

1,231

917

Currency translation losses (note 9b)

72

199

Loss (gain) on sale of non-current assets/investments (note 9a)

(911

)

42

Change in working capital (note 15)

(728

)

(428

)

Other operating activities (note 15)

(181

)

(63

)

Operating cash flows before interest and income taxes

3,139

3,640

Interest paid

(425

)

(513

)

Income taxes paid

(649

)

(487

)

Net cash provided by operating activities

2,065

2,640

INVESTING ACTIVITIES

Property, plant and equipment

Capital expenditures (note 5)

(1,396

)

(1,126

)

Sales proceeds

28

135

Divestitures (note 4)

990

588

Investment purchases

(7

)

—

Net funds (invested) received from equity method investments

48

(9

)

Net cash provided by (used in) investing activities

(337

)

(412

)

FINANCING ACTIVITIES

Debt (note 25b)

Proceeds

—

5

Repayments

(1,533

)

(2,062

)

Dividends (note 31)

(125

)

(86

)

Funding from non-controlling interests (note 32)

13

70

Disbursements to non-controlling interests (note 32)

(139

)

(95

)

Debt extinguishment costs

(102

)

(129

)

Net cash used in financing activities

(1,886

)

(2,297

)

Effect of exchange rate changes on cash and equivalents

3

3

Net decrease in cash and equivalents

(155

)

(66

)

Cash and equivalents at beginning of year (note 25a)

2,389

2,455

Cash and equivalents at the end of year

$

2,234

$

2,389

The notes to these unaudited consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website, are an integral part of these consolidated financial statements.

Consolidated Balance Sheets

Barrick Gold Corporation

As atDecember

As atDecember

(in millions of United States dollars)

31, 2017

31, 2016

ASSETS

Current assets

Cash and equivalents (note 25a)

$

2,234

$

2,389

Accounts receivable (note 18)

239

249

Inventories (note 17)

1,890

1,930

Other current assets (note 18)

321

306

Total current assets

4,684

4,874

Non-current assets

Non-current portion of inventory (note 17)

1,681

1,536

Equity in investees (note 16)

1,213

1,185

Property, plant and equipment (note 19)

13,806

14,103

Intangible assets (note 20a)

255

272

Goodwill (note 20b)

1,330

1,371

Deferred income tax assets (note 30)

1,069

977

Other assets (note 22)

1,270

946

Total assets

$

25,308

$

25,264

LIABILITIES AND EQUITY

Current liabilities

Accounts payable (note 23)

$

1,059

$

1,084

Debt (note 25b)

59

143

Current income tax liabilities

298

283

Other current liabilities (note 24)

331

309

Total current liabilities

1,747

1,819

Non-current liabilities

Debt (note 25b)

6,364

7,788

Provisions (note 27)

3,141

2,363

Deferred income tax liabilities (note 30)

1,245

1,520

Other liabilities (note 29)

1,744

1,461

Total liabilities

14,241

14,951

Equity

Capital stock (note 31)

20,893

20,877

Deficit

(11,759

)

(13,074

)

Accumulated other comprehensive loss

(169

)

(189

)

Other

321

321

Total equity attributable to Barrick Gold Corporation shareholders

9,286

7,935

Non-controlling interests (note 32)

1,781

2,378

Total equity

11,067

10,313

Contingencies and commitments (notes 2, 17, 19 and 36)

Total liabilities and equity

$

25,308

$

25,264

The notes to these unaudited consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website, are an integral part of these consolidated financial statements.

Consolidated Statements of Changes in Equity

Barrick Gold Corporation

Attributable to equity holders of the Company

(in millions of United States dollars)

Common Shares (in thousands)

Capital stock

Retained earnings (deficit)

Accumulatedother comprehensiveincome (loss)1

Other2

Total equity attributable to shareholders

Non-controlling interests

Total equity

At January 1, 2017

1,165,574

$

20,877

$

(13,074

)

$

(189

)

$

321

$

7,935

$

2,378

$

10,313

Net income

—

—

1,438

—

—

1,438

78

1,516

Total other comprehensive income

—

—

18

20

—

38

—

38

Total comprehensive income

—

$

—

$

1,456

$

20

$

—

$

1,476

$

78

$

1,554

Transactions with owners

Dividends

—

—

(125

)

—

—

(125

)

—

(125

)

Dividend reinvestment plan

1,003

16

(16

)

—

—

—

—

—

Decrease in non-controlling interest (note 4b)

—

—

—

—

—

—

(493

)

(493

)

Funding from non-controlling interests

—

—

—

—

—

—

13

13

Other decrease in non-controlling interests

—

—

—

—

—

—

(195

)

(195

)

Total transactions with owners

1,003

$

16

$

(141

)

$

—

$

—

$

(125

)

$

(675

)

$

(800

)

At December 31, 2017

1,166,577

$

20,893

$

(11,759

)

$

(169

)

$

321

$

9,286

$

1,781

$

11,067

At January 1, 2016

1,165,081

$

20,869

$

(13,642

)

$

(370

)

$

321

$

7,178

$

2,277

$

9,455

Net Income

—

—

655

—

—

655

206

861

Total other comprehensive income

—

—

7

181

—

188

—

188

Total comprehensive income

—

$

—

$

662

$

181

$

—

$

843

$

206

$

1,049

Transactions with owners

Dividends

—

—

(86

)

—

—

(86

)

—

(86

)

Dividend reinvestment plan

493

8

(8

)

—

—

—

—

—

Funding from non-controlling interests

—

—

—

—

—

—

70

70

Other decrease in non-controlling interests

—

—

—

—

—

—

(175

)

(175

)

Total transactions with owners

493

$

8

$

(94

)

$

—

$

—

$

(86

)

$

(105

)

$

(191

)

At December 31, 2016

1,165,574

$

20,877

$

(13,074

)

$

(189

)

$

321

$

7,935

$

2,378

$

10,313

Includes cumulative translation adjustments as at December 31, 2017: $73 million loss (2016: $82 million).

The notes to these unaudited consolidated financial statements, which are contained in the Fourth Quarter and Year End Report, available on our website, are an integral part of these consolidated financial statements.

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “anticipate”, “target”, “plan”, “objective”, “assume”, “aspire”, “intend”, “project”, “pursue”, “goal”, “continue”, “budget”, “estimate”, “potential”, “may”, “will”, “can”, “should”, “could”, “would” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: (i) Barrick's forward-looking production guidance; (ii) estimates of future cost of sales per ounce for gold and per pound for copper, all-in-sustaining costs per ounce/pound, cash costs per ounce, and C1 cash costs per pound; (iii) cash flow forecasts; (iv) projected capital, operating, and exploration expenditures; (v) Barrick’s expectations regarding the potential benefits resulting from a new partnership between Acacia Mining plc (“Acacia”) and the Government of Tanzania; (vi) targeted debt and cost reductions; (vii) mine life and production rates; (viii) potential mineralization and metal or mineral recoveries; (ix) savings from our improved capital management program; (x) Barrick’s Best-in-Class program (including potential improvements to financial and operating performance that may result from certain Best-in-Class initiatives); (xi) the timing and results of the prefeasibility study at Pascua-Lama; (xii) the potential to identify new reserves and resources; (xiii) our pipeline of high confidence projects at or near existing operations; (xiv) the extension of mine life at Lagunas Norte; (xv) the benefits of unifying the Cortez and Goldstrike operations; (xvi) the potential impact and benefits of removing current constraints on processing at Turquoise Ridge; (xvii) the potential impact and benefits of Barrick’s ongoing digital transformation; (xviii) our ability to convert resources into reserves; (xix) asset sales, joint ventures, and partnerships; and (xx) expectations regarding future price assumptions, financial performance, and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks associated with the fact that certain Best-in-Class initiatives are still in the early stages of evaluation, and additional engineering and other analysis is required to fully assess their impact; risks associated with the ongoing implementation of Barrick’s digital transformation initiative, and the ability of the projects under this initiative to meet the Company’s capital allocation objectives; the duration of the Tanzanian ban on mineral concentrate exports; the ultimate terms of any definitive agreement between Acacia and the Government of Tanzania to resolve a dispute relating to the imposition of the concentrate export ban and allegations by the Government of Tanzania that Acacia under-declared the metal content of concentrate exports from Tanzania; the status of certain tax re-assessments by the Tanzanian government; the manner in which amendments to the 2010 Mining Act (Tanzania) increasing the royalty rate applicable to metallic minerals such as gold, copper and silver to 6% (from 4%), the new Finance Act (Tanzania) imposing a 1% clearing fee on the value of all minerals exported from Tanzania from July 1, 2017 and the new Mining Regulations announced by Government of Tanzania in January 2018 will be implemented and the impact of these and other legislative changes on Acacia; whether Acacia will approve the terms of any final agreement reached between Barrick and the Government of Tanzania with respect to the dispute between Acacia and the Government of Tanzania; the benefits expected from recent transactions being realized; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of the Best-in-Class initiatives, targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States, and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; the outcome of the appeal of the decision of Chile's Superintendencia del Medio Ambiente; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; availability and increased costs associated with mining inputs and labor; and the organization of our previously held African gold operations and properties under a separate listed Company. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

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